CBL & Associates Properties, Inc., the developer of the Wausau Center Mall, is confirming that J.C. Penney will close in the second quarter of 2014.
The news comes just days after CBL confirmed the closures of Gap and Hollister.
J.C. Penney says the Wausau closure is one 33 under-performing stores that will close. Other Wisconsin locations include; Rhinelander, Rice Lake, Fond du Lac, and Janesville.
Nationwide the closures will affected nearly 2,000 employees.
The news comes after J.C. Penney earlier this month said it was pleased with holiday results but declined to give sales figures. A strong November and December is crucial to retailers since it can account for up to 40 percent of annual sales.
The cuts should save more than $65 million annually. The company will take $26 million in charges in the third quarter and $17 million afterward. Penney has 116,000 staffers. All the job cuts are related to the store closings.
The company is trying to recover from a sales spiral that occurred under former CEO Ron Johnson. The company brought back former CEO Mike Ullman in April.
Wisconsin has more closings than any other state.
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to firstname.lastname@example.org.
Please provide detailed information.
All comments must adhere to the WSAW.com discussion rules.